According to the Housing Price Index (HPI) reached 103,98 points for the second quarter of the year, increasing by 0,6% compared to the first three months of 2018. The annual increase in the index is 1.2% continuing the positive trend in recent years pleasing real estate experts.
As the Land Registry reported, 4,500 residences were sold in the first half of the year, 27% more than the number of transactions registered with the registry of the same period in 2017. Experts believe that this trend will continue until 2018, surpassing sales that peaked 8 years with 8,734 transactions.
In 2017, the island’s property sales recorded an impressive 132% increase from 2013 when sales dropped to less than half of 2010, the industry also rose 24% from 2016.
The investment for citizenship continues to play a significant role in market development with transactions involving foreign investors.
The optimism about the future of the real estate industry is also due to the increase in the number of building permits issued and to the diversification of the projects.